Management Accounts London
As a limited company, you’re required to submit a set of accounts to Companies House every year. Management accounts are not a legal requirement however they are more useful to the business as they are produced in real time during the business trading. Most businesses today have learnt the usefulness of having them.
PBS will edit the chart of accounts for your business so when the accounts are produced , they are much more meaningful to you. PBS will then produce another chart of accounts to mirror the last set of published accounts so when the year end accounts are completed , it will be a very easy handover to your accountant / auditor.
PBS meet up with the clients respective accountant / auditor on a year to year basis and have a good understanding relationship thus keeping your accountancy fees under control. We have on so many occasions come to take over from previous bookkeeper that your accountant has complained about and charging you much more for the extra time spent.
A Fixed fee.
Call us at 020 7788 7744 for a free consultation.
How often are management accounts prepared ?
They can be prepared monthly but usually prepared quarterly and if you are registered for vat then the accounts will be prepared for the same 3 months to tie in with the vat
3 months quarter. It is a good practice to get into if you want to grow quickly because you can plan ahead with facts . you will receive real numbers for the last 3 months performance.
What information can be learnt
There is a lot to gain , for instance you gain control over your costs and the accounts will highlight if costs are higher than normal and you have the opportunity to address
If something has gone wrong , if a wrong decision was taken , it can now be acted on and not further spend money where not necessary.
Management accounts will help you and clarify where the money is being spent. Usually the owner of the business senses something Is not going to plan but not quite sure where to look. The numbers will help to identify the area and you can take action more quickly.
Is checking the bank balance sufficient ?
Most businesses start off by checking the bank balance periodically and think that is sufficient. Only in time you soon learn that this is not good financial control.
We at PBS will produce the management accounts on a quarterly basis followed by a meeting to go over all the key elements. We have experienced and pleased to have provided this to so many clients who have benefited so much that is now a regular part of our service.
The money you pay will often be offset by the benefits you gain and you will be financially better off.
We at PBS will do all your bookkeeping but also prepare accounts. We often prepare quarterly management accounts and prepare the accounts at the year end ready to hand over to your accountant/auditor.
Management Accounts are very important, it gives you the results of how the business is doing in Real Time. Much more important than waiting for the year-end accounts which when they are prepared, quite often a few months after the year end, does not help the directors to change anything In the running of the business.
You get an experienced London Bookkeeper as well as an Accountant. You only pay for each level of work separately.
We keep a monthly checklist, specific to your business, for all the tasks to be processed.
Posting all Purchase invoices with Payments made
Posting all Sales invoice with Moneys received
Purchase and Sales Ledger reports
Paye and Nic Control account
Vat Control account
Net Wages Control account
Takings Control account